Allete Inc. (ALE) Shares Gap Up to $60.74
Allete Inc. (NYSE:ALE) shares gapped up prior to trading on Tuesday . The stock had previously closed at $60.67, but opened at $60.74. Allete shares last traded at $60.84, with a volume of 39,933 shares trading hands.
ALE has been the topic of a number of recent research reports. KeyCorp set a $65.50 target price on Allete and gave the company a “buy” rating in a research note on Monday, September 12th. Zacks Investment Research upgraded Allete from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research note on Tuesday, August 2nd. Williams Capital upgraded Allete from a “hold” rating to a “buy” rating and boosted their target price for the company from $60.00 to $63.00 in a research note on Wednesday, May 25th. Finally, JPMorgan Chase & Co. reiterated a “sell” rating on shares of Allete in a research note on Monday, July 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Allete has an average rating of “Hold” and a consensus price target of $62.10.
The stock has a 50 day moving average of $60.52 and a 200-day moving average of $59.21. The company has a market capitalization of $2.99 billion, a P/E ratio of 19.89 and a beta of 0.56.
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Allete (NYSE:ALE) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $314.80 million for the quarter, compared to analyst estimates of $326.70 million. Allete had a return on equity of 8.13% and a net margin of 10.02%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.48 EPS. Analysts expect that Allete Inc. will post $3.12 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Thursday, August 11th. Allete’s payout ratio is presently 68.65%.
Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Allete by 16.2% in the first quarter. Geode Capital Management LLC now owns 354,380 shares of the company’s stock valued at $19,870,000 after buying an additional 49,459 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Allete by 207.9% in the first quarter. Goldman Sachs Group Inc. now owns 232,939 shares of the company’s stock valued at $13,061,000 after buying an additional 157,294 shares during the last quarter. State Street Corp increased its stake in shares of Allete by 3.1% in the first quarter. State Street Corp now owns 1,078,807 shares of the company’s stock valued at $60,485,000 after buying an additional 32,076 shares during the last quarter. Huntington Asset Advisors Inc. acquired a new stake in shares of Allete during the first quarter valued at approximately $1,473,000. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Allete by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,182,498 shares of the company’s stock valued at $66,303,000 after buying an additional 16,321 shares during the last quarter. 71.60% of the stock is currently owned by institutional investors and hedge funds.
Allete Company Profile
ALLETE, Inc is an energy company. The Company operates through three segments. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company (SWL&P), as well as its investment in American Transmission Company LLC (ATC), a regulated utility that owns and maintains electric transmission assets.
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